Reed David L. 4

What Happened
David L. Reed, Executive Vice President & Chief Financial Officer of Waste Management, received a settlement of 1,717 performance shares on 2026-01-29 valued at $226.41 each (total ≈ $388,746). To satisfy withholding obligations, 444 of those shares were surrendered at the same per-share price (≈ $100,526). On 2026-01-30 he sold an additional 270 shares in an open-market transaction at $218.62 each (≈ $59,028). The award is a grant/settlement (not a cash purchase); the disposals were routine tax withholding and a planned sale.

Key Details

• Transaction types: A = Award/Grant (1,717 shares), F = Tax withholding (444 shares), S = Open-market sale (270 shares).
• Dates & prices:
  • 2026-01-29: Award settlement — 1,717 shares @ $226.41 = $388,746 (F1).
  • 2026-01-29: Tax withholding — 444 shares @ $226.41 = $100,526 (F2).
  • 2026-01-30: Open-market sale — 270 shares @ $218.62 = $59,028 (F2).
• Total shares disposed: 714 (444 withheld + 270 sold) for approx. $159,554.
• Shares owned after transaction: Not specified in the provided filing.
• Footnotes:
  • F1: Settlement of a performance share award under the Waste Management, Inc. 2014 Stock Incentive Plan.
  • F2: Sale of shares to cover personal federal income tax obligation pursuant to a Rule 10b5-1 trading plan.
• Filing timeliness: Form 4 filed 2026-02-02 for transactions dated 2026-01-29/30 — appears filed within the required reporting window (timely).

Context
This was primarily a settled performance award, not a market purchase. The 444-share disposition was tax withholding tied to the award; the 270-share sale was executed under a pre-established 10b5-1 plan. Such withholding and plan-based sales are common and typically routine, and do not by themselves indicate management’s view on the company’s outlook.